I'm losing heart. What will be the consequences if I break off my IVA arrangements ?

Get expert opinion. This is the place for new questions to be posted.
3 posts Page 1 of 1
 
 

Beverley.04

User avatar
Posts: 1
Joined: Fri Oct 10, 2014 12:17 am

Post by Beverley.04 » Fri Oct 10, 2014 12:17 am
Im in an IVA with payplan but struggling with the monthly repayments. Ive also made an offer to pay off the IVA but they constantly want so much information from me. Im losing heart and want to break off the arrangements is that possible and what will the consequences be if l do?
 
 

Foggy

User avatar
Posts: 33396
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Fri Oct 10, 2014 8:11 am
If you fail the IVA the creditors will add back all the lost interest and, possibly, late payment charges. They will then be free to pursue you as they deem fit. If you have a house they might consider securing the debt on that or, possibly, forcing bankruptcy.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

TzeKin

User avatar
Posts: 157
Joined: Mon Jan 20, 2014 12:03 pm

Post by TzeKin » Fri Oct 10, 2014 3:53 pm
The iva is a pure 'silver bullet' against these WW bad banks so think carefully before discarding it.
The brits are lucky as everywhere else on the planet there is only Bankrupcy
3 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”